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Dec 8, 2012
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you cannot cut your way to deficit reduction. what does reduce the deficit are jobs, job creation. have the spending cuts, we have the medicare savings, what we need are the revenues. and that is what you have to ask the question, why are we not here to pass the middle income tax cut which unleashes the high end -- increases the high end contribution to the budget talks. why are we not here to pass the middle income tax cut? why are we not here to even debate the middle income tax cut? could it be because the republicans are holding the middle income tax cuts as they have all along hostage to tax cuts for the wealthy? as long as they will not touch one hair on the red or get one red scent from the high end we will never have the revenue with the save togs reduce the deficit, to create jobs and grow the economy and improve the lives of the american people. [inaudible] >> [inaudible] as i've cede before than subject, what we want to do is protect the middle class. so it's not about the rate, it's about the money. none of this high end tax -- the objection to extending is about being
you cannot cut your way to deficit reduction. what does reduce the deficit are jobs, job creation. have the spending cuts, we have the medicare savings, what we need are the revenues. and that is what you have to ask the question, why are we not here to pass the middle income tax cut which unleashes the high end -- increases the high end contribution to the budget talks. why are we not here to pass the middle income tax cut? why are we not here to even debate the middle income tax cut? could it...
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Dec 4, 2012
12/12
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we need to show the world we can get our economy under control, reduce the deficit, and begin to show leadership in various areas of new technology that demonstrated here to the rest of the world. kohl will always be there. -- coal is always going to be there. there's lots of work there. all the sales will help, i think, of leverage our capability and give us more options. >> let me bring you in. 92% of american transportation is run on petroleum. with this new landscape for energy production of, how are we doing on diversifying different kinds of things that are running our transportation? >> so far, it is going slow. something that was deeply focused on was something note senator alexander said earlier. we need to find more and use less. i think you're asking about the use less part. the extension of the changing fuel efficiency standards was one thing, but we believe fervently in the need to diversify away from using petroleum for transportation and given that it represents 70% of our use of petroleum to begin with. with the change in technology and the access to so much homegrown
we need to show the world we can get our economy under control, reduce the deficit, and begin to show leadership in various areas of new technology that demonstrated here to the rest of the world. kohl will always be there. -- coal is always going to be there. there's lots of work there. all the sales will help, i think, of leverage our capability and give us more options. >> let me bring you in. 92% of american transportation is run on petroleum. with this new landscape for energy...
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Dec 9, 2012
12/12
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deficit to gdp? >> did i say that? >> just to be clear -- if you look to the 10-year period on the current base line and get under 1% deficit to gdp in 10 years -- >> because you get seven years of debt reduction under current law. >> if anyone wants to read more, please read the piece on what it takes. i thank you all for being here today. one reason we have to end is these poor people will be so instrumental in getting us out of this mess that we have to get them back to work. them back to work.
deficit to gdp? >> did i say that? >> just to be clear -- if you look to the 10-year period on the current base line and get under 1% deficit to gdp in 10 years -- >> because you get seven years of debt reduction under current law. >> if anyone wants to read more, please read the piece on what it takes. i thank you all for being here today. one reason we have to end is these poor people will be so instrumental in getting us out of this mess that we have to get them back...
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Dec 8, 2012
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everyone agrees we need to bring down our deficit and strengthen our economy for the long-term. the question is whether we can do it in a responsible way that allows us to keep investing in the things that have always made america strong. i'm convinced we can. and if both sides are willing to compromise, i believe we can give businesses and families a sense of security going into the new year. thanks, and have a great weekend. >> hello, i'm marco rubio. i have the honor of representing florida in the united states senate, and the privilege of addressing you today on behalf of my fellow republicans. our middle class has made america different from the rest of the world. every country has rich people. but only a few places have achieved a vibrant and stable middle class. and none has been more vibrant and more stable than ours. but now a growing opportunity gap has developed between the dreams of millions of americans and the opportunities for them to actually realize them. americans are struggling to find or keep middle class jobs for two reasons -- because our economy is not cre
everyone agrees we need to bring down our deficit and strengthen our economy for the long-term. the question is whether we can do it in a responsible way that allows us to keep investing in the things that have always made america strong. i'm convinced we can. and if both sides are willing to compromise, i believe we can give businesses and families a sense of security going into the new year. thanks, and have a great weekend. >> hello, i'm marco rubio. i have the honor of representing...
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Dec 7, 2012
12/12
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the percentage of your debt as the deficit to the gdp. the deficit to gdp. a deficit to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction over the last ten years. but you don't do it the way we want to do it. when it comes to the baseline, we have to work together as part of an agreement to get the right baseline but that doesn't mean it is not for real world deficit reduction. it is. does it mean that it's better than the current law? maybe not. but there is an agreement that in the fiscal cliff is not the best way. >> we could add the baseline. the deficit to gdp. >> you said the deficit. >> you look at the current line baseline and get under 1% of deficit to gdp. >> seven years and 7 trillion of debt reduction. if anybody wants to read more about, please look at that space on what it takes. i thank you all for being here today. one reason we have to end it is that these people are going to be so instrumental in getting us out
the percentage of your debt as the deficit to the gdp. the deficit to gdp. a deficit to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction over the last ten years. but you don't do it the way we want to do it. when it comes to the baseline, we have to work together as part of an agreement to get the right baseline but that doesn't mean it is not for...
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Dec 3, 2012
12/12
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the focus of this effort to reduce deficits now is on getting them, in the federal budget deficit to the range of 3% or so. that is what i mean when i say policymakers are not trying to get rid of the budget deficits. given the economic weakness, a little bit of deficit spending is probably not a terrible thing, at least in the eyes of some budget economists. i think there would be comfort in washington around 3% of gdp. getting there is a big challenge. there are problems with medicare and social security. they are facing big deficit situations. host: what motivates the creation of deductions? what about the other incentives? mortgage deduction it to encourage people to buy a home. guest: some of the deductions have been around forever, since the invention of the income tax. there has always been a deduction for interest that you paid. the government didn't think it could distinguish between mortgage interest and other kinds of interest. less interest is deductible now. some of the things are left over from the early days of the tax code. there is no magic about allowing people to d
the focus of this effort to reduce deficits now is on getting them, in the federal budget deficit to the range of 3% or so. that is what i mean when i say policymakers are not trying to get rid of the budget deficits. given the economic weakness, a little bit of deficit spending is probably not a terrible thing, at least in the eyes of some budget economists. i think there would be comfort in washington around 3% of gdp. getting there is a big challenge. there are problems with medicare and...
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Dec 4, 2012
12/12
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fewer jobs, larger deficit. as i said last night, it doesn't matter, we can pick our stocks and buy them down. ulta salons, but i want to suggest to other groups that are going to give you bang for the buck, betting that the hope will be squeezed out and the bottom gets put in before a deal is made. why not? we know the auto market is for 11 years now and we have been sweet on ford domestically. what are some of the other key areas. asia already turned. i think europe could be stablized. ford is the one to watch. i'm out blessing it. in europe i'm thinking that i'm excited about ford. we have ample evidence today that i'm right. the rates remained too low. and pricing is moving up in california, nevada, arizona all things we learned from the luxury home builder toll today. that is fine. but what i hadn't heard is a demographic play, how the demographics are going to take over. household formation is unnatural and because of the great resection. well, from the delay of creation of new families, which is highly un
fewer jobs, larger deficit. as i said last night, it doesn't matter, we can pick our stocks and buy them down. ulta salons, but i want to suggest to other groups that are going to give you bang for the buck, betting that the hope will be squeezed out and the bottom gets put in before a deal is made. why not? we know the auto market is for 11 years now and we have been sweet on ford domestically. what are some of the other key areas. asia already turned. i think europe could be stablized. ford...
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Dec 6, 2012
12/12
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ways to reduce the deficit never are. but we must act together. when you look for savings, it is fair to local to the 1%. >> with multiple forecasts being downgraded, it has now become an issue about competence. they argue not only has the chancellor failed, but failed on his own terms. >> it has been completely derailed. the one test they set for themselves, balance the books and get the debt falling by 2015, that is now in tatters. >> after all, the facts and figures of the chancellor's statement -- after all of the facts and figures of the chancellor's statement, we are left with a feeling of malaise. >> you are watching bbc world news america. still to come, aero controversy at the hospital after the duchess of game birds -- the after information on the duchess of cambridge is released to two is jockeys. >> in bangkok, thousands of thais turned out to catch a glimpse of the mark on his 85th birthday in a rare public appearance prepare aero controvy at the hospital after the duchess of game birds -- the after information on the duchess of cambr
ways to reduce the deficit never are. but we must act together. when you look for savings, it is fair to local to the 1%. >> with multiple forecasts being downgraded, it has now become an issue about competence. they argue not only has the chancellor failed, but failed on his own terms. >> it has been completely derailed. the one test they set for themselves, balance the books and get the debt falling by 2015, that is now in tatters. >> after all, the facts and figures of the...
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Dec 3, 2012
12/12
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rajoy has warned it will achieve the deficit target agreed with the eu. he said he couldn't guarantee there would nobody further spending cuts and he would not have any doubts about using the ecb's omt program, though of course with yields where they are at the moment, they don't have to. in fact we spoke to patrick garvey a little bit earlier today that suggests that the risk-on theme for debt will continuum at least the end of january. remember, spain will have another batch of pre-funding for 2013 later this week on thursday. otherwise that's it for today's edition. coming up, the first "squawk box" of the week and countdown to the open of markets state side. whatever happens, we hope you have a profitable day. [ male announcer ] this december, remember -- what starts with adding a friend... ♪ ♪ ...could end with adding a close friend. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. tis the pursuit of perfection. >>> good morning. today's top stories. fiscal cliff hanger. there's now less than a m
rajoy has warned it will achieve the deficit target agreed with the eu. he said he couldn't guarantee there would nobody further spending cuts and he would not have any doubts about using the ecb's omt program, though of course with yields where they are at the moment, they don't have to. in fact we spoke to patrick garvey a little bit earlier today that suggests that the risk-on theme for debt will continuum at least the end of january. remember, spain will have another batch of pre-funding...
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Dec 5, 2012
12/12
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ways to reduce the deficit never are. but we must act together. when you look for savings, it is fair to local to the 1%. >> with multiple forecasts being downgraded, it has now become an issue about competence. they argue not only has the chancellor failed, but failed on his own terms. >> it has been completely derailed. the one test they set for themselves, balance the books and get the debt falling by 2015, that is now in tatters. >> after all, the facts and figures of the chancellor's statement -- after all of the facts and figures of the chancellor's statement, we are left with a feeling of malaise. >> you are watching bbc world news america. still to come, aero controversy at the hospital after the duchess of game birds -- the after information on the duchess of cambridge is released to two is jockeys. >> in bangkok, thousands of thais turned out to catch a glimpse of the mark on his 85th birthday in a rare public appearance prepare aero controvy at the hospital after the duchess of game birds -- the after information on the duchess of cambr
ways to reduce the deficit never are. but we must act together. when you look for savings, it is fair to local to the 1%. >> with multiple forecasts being downgraded, it has now become an issue about competence. they argue not only has the chancellor failed, but failed on his own terms. >> it has been completely derailed. the one test they set for themselves, balance the books and get the debt falling by 2015, that is now in tatters. >> after all, the facts and figures of the...
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Dec 4, 2012
12/12
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the thing i'm sure of is that we got to end up with at least $4 trillion of deficit reduction. some of that's got to come from revenues. i guarantee you the white house isn't going to do a deal unless it has an increase in tax rates for part of that revenue. i'm assuming that the republicans are going to insist that there be more cuts on the health care entitlements than what's been put on the table to date. >> ifill: here's the difference between what we're seeing now and what happens when i put my house on the market. at the end of this year there will be consequences. it's unclear... in the past when these consequences or these deadlines have arisen they've just put them off. that's how we got to where we are today. are you confident, as confident that they will actually come up with a permanent solution before this deadline or that they'll just... >> we can't kick it down the road. that would be disaster. look, this is is the magic moment. we have a second-term democrat president who has put entitlements on the table with special physicianitey. we have a republican speaker
the thing i'm sure of is that we got to end up with at least $4 trillion of deficit reduction. some of that's got to come from revenues. i guarantee you the white house isn't going to do a deal unless it has an increase in tax rates for part of that revenue. i'm assuming that the republicans are going to insist that there be more cuts on the health care entitlements than what's been put on the table to date. >> ifill: here's the difference between what we're seeing now and what happens...
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Dec 11, 2012
12/12
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so they are not contributing to the deficit problem. entitlements are a broad category, but one in which you have to separate out medicare, medicaid, and social security and see what is actually the problem. >> host: i don't want to get too far down that road because we believe -- we will be of a bar subject faugh i do want to talk about this idea of unforeseen conflicts that we might have. so if, for a sample, we were to get more involved militarily in syria, how much would that cost relative to overall budget for the pentagon? >> you know, it is hard sometimes to calculate this because you're paying on a steady basis for the number of soldiers, airplanes, ships, and the like. the costs come in the war costs related to the plane, so you are now getting additional pay and benefits to the additional operations of systems through the expenditure of munitions, but we can look at the contingency spending for iraq and afghanistan their reach that height, close to $200 billion, well over 100 billion annually because we were deploying large nu
so they are not contributing to the deficit problem. entitlements are a broad category, but one in which you have to separate out medicare, medicaid, and social security and see what is actually the problem. >> host: i don't want to get too far down that road because we believe -- we will be of a bar subject faugh i do want to talk about this idea of unforeseen conflicts that we might have. so if, for a sample, we were to get more involved militarily in syria, how much would that cost...
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Dec 8, 2012
12/12
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deficit-reduction. what does reduce the deficit is jobs. job creation. what we need are the revenues, and that is what you have to ask the question about. why are we not hear to pass additional tax cuts which increases the high-end contribution to the budget talks? why are we not here to pass a middle-income tax cuts? what are we not even here to debate the middle-income tax cut? can it meet because the republicans are holding this as they have all along hostage to tax cuts for the wealthy? as long as they will not touch one hair on the head or get one red cent of their rich, to reduce the deficit, to create jobs, to grow the economy, to improve the lives of the american people -- >> the speaker was asking about middle ground. do you necessarily rule it out? is it your understanding that that is something he would accept? >> what we want to do is protect the middle class. is not above the rate. it is about the money. the objection to extending it is about being punitive to the high end. it is about getting money to reduce the deficit, to grow the economy
deficit-reduction. what does reduce the deficit is jobs. job creation. what we need are the revenues, and that is what you have to ask the question about. why are we not hear to pass additional tax cuts which increases the high-end contribution to the budget talks? why are we not here to pass a middle-income tax cuts? what are we not even here to debate the middle-income tax cut? can it meet because the republicans are holding this as they have all along hostage to tax cuts for the wealthy? as...
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government finances huge deficit maxon stacy a haitian discuss the so-called hollywood accountant schemes the policy even more pressure on the economy here's a quick preview of the full kaiser report coming up later today. burgeoning as. that these are monies that are for pensions for police nurses you know hospital workers farman and this money that is taken out of their paycheck every week is put into these retirement funds and then the state intercedes they collateralized those funds back a bond which i'm sure the rating agencies moody's picture s. and p. of course i'm sure they gave a good rating and then the hollywood people came in and stole that money and then those people lose their pension accounts and you know one of the things in america that's really one of the greatest tragedies is how the firemen the policemen the workers the teachers the people who actually work for a living not steal money like on wall street are basically financially raped every single day by these people so. drug companies invest huge sums into creating new kinds of medicine to tackle the world's deadlie
government finances huge deficit maxon stacy a haitian discuss the so-called hollywood accountant schemes the policy even more pressure on the economy here's a quick preview of the full kaiser report coming up later today. burgeoning as. that these are monies that are for pensions for police nurses you know hospital workers farman and this money that is taken out of their paycheck every week is put into these retirement funds and then the state intercedes they collateralized those funds back a...
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we are the one that is are going to be handed down the $16 trillion deficit. it is hard for this to play out. they will come to some sort of a deal. you are going to see them come to a deal. you are going to see them with something sort of like the simpson bowles. >> pam has sent it to the public. that if it goes over the fiscal cliff republicans are prepared to make the middle class pay more tax paying more. and that is a very bad position for the republicans to find themselves in isn't it? >> sit a very bad position for them to find themselves in. the fact of the matter is, it isn't true. the taxes on the wealthiest americans, it doesn't address the core problems. the $16 trillion comes from government over spending and we have slow growth. raising the taxes on anybody whether it is on the poor or the other americans doesn't solve the problem. let's get in and figure out what the key problems are and solve those. i made an analogy earlier to giving a kid more allowance. i stopped paying them. >> i mean un believable. so kate, middleton, is in hospital with t
we are the one that is are going to be handed down the $16 trillion deficit. it is hard for this to play out. they will come to some sort of a deal. you are going to see them come to a deal. you are going to see them with something sort of like the simpson bowles. >> pam has sent it to the public. that if it goes over the fiscal cliff republicans are prepared to make the middle class pay more tax paying more. and that is a very bad position for the republicans to find themselves in isn't...
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Dec 5, 2012
12/12
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fewer jobs, larger deficit. not smaller. and the federal reserve that's throwing up its hands, can't do anything. as i said last night, it doesn't matter. we can pick our stocks and buy them down. like the fabulous names, amazon, ulta salons. buy them down in scales like i outline in the book "real money." now suggesting other groups giving you a bang for the buck. new groups betting that the hope will be squeezed out and the bottom gets put in before a deal is made -- or not. why not? we know the auto market is for 11 years now and we have been sweet on ford domestically. before sandy. where are we internationally? europe. what are some of the other key area, though? i think latin america, though. i think it's coming back. asia already turned. here's the new piece of data. i think europe could be stablized. ford is the one to watch. you get that thing at 11 or blow. i'm out blessing it. haven't done that in a while. in europe i'm thinking that i'm sanguine. excited about ford. we have ample evidence today that i'm right. af
fewer jobs, larger deficit. not smaller. and the federal reserve that's throwing up its hands, can't do anything. as i said last night, it doesn't matter. we can pick our stocks and buy them down. like the fabulous names, amazon, ulta salons. buy them down in scales like i outline in the book "real money." now suggesting other groups giving you a bang for the buck. new groups betting that the hope will be squeezed out and the bottom gets put in before a deal is made -- or not. why...
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he has he has not met his targets he is not going to do with the deficit he said the road growth will grow and also there's going to be a huge car made in benefits pavement to some of the poorest people because we are going to suffer the most i was resolved to go for it and there's no end to the force don't know what it's because we saw that just one percent for the benefit of the welfare bill and that's less than inflation you know that's really going to hit a huge new. it's about forty seven billion pounds from the benefits we're talking about this is a movie on the bread line anyway even losing ten twenty pounds a week is a big hit i mean it's a very cold day outside and it's a very cold prospect for britain's pool because they are going to the ground to be starved to see cool spot christmas by the old school doesn't know what he's doing thank you very much for joining us also say there's a cause for concern he said i'm going picking through the thing is one thing cutting through all the waste and that's the case is going to be set to have to place it so even tough because even all
he has he has not met his targets he is not going to do with the deficit he said the road growth will grow and also there's going to be a huge car made in benefits pavement to some of the poorest people because we are going to suffer the most i was resolved to go for it and there's no end to the force don't know what it's because we saw that just one percent for the benefit of the welfare bill and that's less than inflation you know that's really going to hit a huge new. it's about forty seven...
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Dec 6, 2012
12/12
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. >> the percentage of your debt -- not the deficit to gdp? >> deficit to gdp. now, we do not want to get there that way. the same way we do not want to go over the fiscal class. the fiscal cliff is big austerity -- you get $seven trillion in deficit reduction over 10 years. but you do not do it you really want to do it. when it comes to the baseline, you have to work together as part of an agreement to get to the right baseline. that does not mean it is not real world deficit-reduction. it is. does it mean it is better than current law? maybe not. but there is agreement that current law, including the fiscal cliff, is not the best way. >> we have our baseline. deficit to gdp? >> did i say that? >> just to be clear -- if you look to the 10-year period on the current base line and get under 1% deficit to gdp in 10 years -- >> because you get seven years of debt reduction under current law. >> if anyone wants to read more, please read the piece on what it takes. i thank you all for being here today. one reason we have to and is these poor people will be so instrum
. >> the percentage of your debt -- not the deficit to gdp? >> deficit to gdp. now, we do not want to get there that way. the same way we do not want to go over the fiscal class. the fiscal cliff is big austerity -- you get $seven trillion in deficit reduction over 10 years. but you do not do it you really want to do it. when it comes to the baseline, you have to work together as part of an agreement to get to the right baseline. that does not mean it is not real world...
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Dec 10, 2012
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[laughter] >> this comes back to my obsession with the debt and deficit. one of the challenges is that any great business that invests in their work force does best. we have cut back on our public investments. the plan passed by the house of representatives would cut federal spending on all domestic items around education, infrastructure, and a workforce turning to less than 5% of our total public spending. we can argue about the politics of that. that is not a business plan anybody would invest in if you are going to compete. >> one other point that is worth pointing out, if right now our universities were 100% people that were born or raised in america, 0% of people from other countries, and somebody proposed opening up the world, and said, let's have a target that someday half of the students getting these advanced degrees should be from other countries, the proposal would have been like the military service proposal. you have an obligation to serve as the country. if we are going to get educations, then nobody would say, let's take half of those slots,
[laughter] >> this comes back to my obsession with the debt and deficit. one of the challenges is that any great business that invests in their work force does best. we have cut back on our public investments. the plan passed by the house of representatives would cut federal spending on all domestic items around education, infrastructure, and a workforce turning to less than 5% of our total public spending. we can argue about the politics of that. that is not a business plan anybody would...
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he has failed he has not met his targets he is not going to deal with the deficit as he said the road growth will grow and also there's going to be a huge car made in benefits pavement to some of the poorest people in the country are going to suffer the most i was resolved to do so and those who are into this will start to know when it's because we saw that just one percent for the benefit of the welfare bill and that's less than inflation you know that's really going to hit a huge no. it's about forty seven billion pounds so it will be cut from the benefits bill and we're talking about farmers is a really on the bread line anyway even losing ten twenty pounds a week is a good i mean it's a very cold day outside and it's a very cold prospect for britain's poor because they are going to bear the brunt of the austerity course by britons by the whole school doesn't know what he's doing thank you very much for telling us that also say there is a cause for concern as he said i don't pay anything the thing is that one thing cutting through all they statistics and that's the case is going to
he has failed he has not met his targets he is not going to deal with the deficit as he said the road growth will grow and also there's going to be a huge car made in benefits pavement to some of the poorest people in the country are going to suffer the most i was resolved to do so and those who are into this will start to know when it's because we saw that just one percent for the benefit of the welfare bill and that's less than inflation you know that's really going to hit a huge no. it's...
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Dec 4, 2012
12/12
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the goal is to not get rid of the budget deficit. lots of people do not want to get rid of the budget deficit. they want to get it down to a manageable level. opinions differ. you can make a big dent through closing or reducing the loopholes. host: do you expect them to play a role? could they end up on the chopping block? guest: republicans have put them on the table. i think you probably will see some of both. this is a process that will go on for the better part of the next year. during that process, you will see some of both. host: john mckinnon is a reporter for "the wall street journal." here are the numbers to call. republicans, 202-585-3881. democrats, 202-585-3880. independent callers, 202-585- 3882. host: we continue our low-cost at taxables and deductions. curtis dubay is, from the heritage of foundation and charles marra is from the center for budget and policy board reported. thanks to both of you for being here this morning. curtis dubay, how important our deductions? guest: we're so focused on how we can avoid raising
the goal is to not get rid of the budget deficit. lots of people do not want to get rid of the budget deficit. they want to get it down to a manageable level. opinions differ. you can make a big dent through closing or reducing the loopholes. host: do you expect them to play a role? could they end up on the chopping block? guest: republicans have put them on the table. i think you probably will see some of both. this is a process that will go on for the better part of the next year. during that...
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take this we have a few minutes every year of warden a trillion dollars in deficit spending at this point the president obama is like a doctor running a thousand votes with a patient who is not recovery yet if there's an argument for spending more to help the people who were damaged when the federal weather service didn't warn them about the incoming storm but the larger point is this country has been following that policy for so long that we are near because if we did come you know did warn them about it and the wheels are coming off because since the reagan administration we have not been spending money on infrastructure in the united states look around you most of the infrastructure was built in the fifty's sixty's seventy's and early eighty's and then we. spend it on government run health care going to star wars which is four trillion dollars is not to blame for what's actually happening in new york because of the storms right now and the money that it's not about actually not true part of the infrastructure is these giant dunes that they put out in front and now some of this is nimby
take this we have a few minutes every year of warden a trillion dollars in deficit spending at this point the president obama is like a doctor running a thousand votes with a patient who is not recovery yet if there's an argument for spending more to help the people who were damaged when the federal weather service didn't warn them about the incoming storm but the larger point is this country has been following that policy for so long that we are near because if we did come you know did warn...
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how are you going to bring down a trillion dollar deficit? i think the democrats are on -- i had to get that off my chest. stuart: gm car and truck sales are up 3%. the stock, dead flat. sales up 3%. that is the car sales numbers coming in today. steve, i want to get back to you here. the democrats say, wait a second, wait a second, you raise taxes on the rich just like the clinton did back in 1992 and you end up with a bill. you have a solid expansion. what do you make up with that argument? >> i hope they do not believe that argument. look, maybe barack obama is right. maybe if you raise these taxes, it will not hurt the economy. [talking over each other] stuart: bill clinton raised taxes and the economy took off. >> there are a lot of things that influence the economy. not just taxes. there are other things. there is no monetary policy, which was great under bill clinton. do not forget that bill clinton did welfare reform. one of the most historic acts over the last 50 years. do not forget that we caught government spending within those ye
how are you going to bring down a trillion dollar deficit? i think the democrats are on -- i had to get that off my chest. stuart: gm car and truck sales are up 3%. the stock, dead flat. sales up 3%. that is the car sales numbers coming in today. steve, i want to get back to you here. the democrats say, wait a second, wait a second, you raise taxes on the rich just like the clinton did back in 1992 and you end up with a bill. you have a solid expansion. what do you make up with that argument?...
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Dec 5, 2012
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but anyway, the deficit is clearly not going to achieve getting rid of that in a five-year period. many estimates believe that in 2013-2014, the next fiscal year, it's going to be around 7%. that's better than the 11% inherited by this government, but will be a couple points worse than greece and spain. so that's a big negative for george osbourne. another one will be getting the percentage of debt compared with gdp in the country, getting that down within a five-year period, getting it syncing in the right direction. he thought it was going to peek around 75%, 75%. it looks like it could go up even further. so let's see what he says on that front today. in terms of options, he has very few options indeed because this is a government which as we know has set its fallout on plan a. and yet, are we seeing real austerity? i'm not entirely sure. government borrowing this fiscal year so far in the five months that we have figures for already is 26.7% higher than the same period a year ago. the idea originally this year was for flat spending and then getting it down there after. and he's
but anyway, the deficit is clearly not going to achieve getting rid of that in a five-year period. many estimates believe that in 2013-2014, the next fiscal year, it's going to be around 7%. that's better than the 11% inherited by this government, but will be a couple points worse than greece and spain. so that's a big negative for george osbourne. another one will be getting the percentage of debt compared with gdp in the country, getting that down within a five-year period, getting it syncing...
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Dec 6, 2012
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it doesn't solve our deficit problem. it doesn't begin to solve our deficit problem. have you heard the president talk about reducing spending? no. he doesn't want to talk about that. it's as if he says the whole answer to our problem here is to ask the wealthy to pay a little bit more. well, in terms of the federal budget, it is a little bit more. it's not going to help very much. where are you going to get the rest of the savings? that's what we ought to be talking about here, mr. president. and then as i was talking about before, it is how you do it that matters a lot. he should stop pursuing tax rate increases, as i said, and revisit the comments that he made a year ago. here's what the president said. quote -- "what we said was to give us, to give us -- it's a nice way of saying we're going to make you pay more in taxes. us i gather here is the united states government. quote -- "what we said was to give us $1.2 trillion in additional revenues, which would be accomplished without hiking taxes, tax rates, but could simply be accomplished by eliminating loopholes,
it doesn't solve our deficit problem. it doesn't begin to solve our deficit problem. have you heard the president talk about reducing spending? no. he doesn't want to talk about that. it's as if he says the whole answer to our problem here is to ask the wealthy to pay a little bit more. well, in terms of the federal budget, it is a little bit more. it's not going to help very much. where are you going to get the rest of the savings? that's what we ought to be talking about here, mr. president....
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Dec 10, 2012
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in that sense, paying down deficits will still investing in the building blocks is about investing in a richer and more prosperous future. and i think that is the overall frame that we go forward. there has been a greater belief that we do have to embrace change. that the processes of technology and globalization are not things to be stopped but things to be shaped toward the progressive values we hold dear. you are essentially talking about a commitment to the evidence and accountability. part of having innovation is an ability to test what is working and being able to marshal the forces from technology to different designs to make sure you have a better outcome. this is another place where progressives should lead and not be fearful. that view of evaluation is behind the president's race to the top and proposals like home visits by nurses for at risk children. these are based on a strong evaluation of what is working and a commitment to put more resources behind innovation and test that innovation for results. i do think when we call for more accountability and valuation, it is impo
in that sense, paying down deficits will still investing in the building blocks is about investing in a richer and more prosperous future. and i think that is the overall frame that we go forward. there has been a greater belief that we do have to embrace change. that the processes of technology and globalization are not things to be stopped but things to be shaped toward the progressive values we hold dear. you are essentially talking about a commitment to the evidence and accountability. part...
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Dec 4, 2012
12/12
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governors are concerned about the impact of deficit reduction measures on their state budgebu. the latest gop offer would overhaul the tax code, raise $800 billion in new revenue but seek $600 billion in health savings, net savings add up to about $2.2 trillion over ten years. boehner called the white house's original offer la la land and it does appear that even though at one point bowles endorsed a blueprint like this, he's trying to distance himself from it right now. >> the president got re-elected. he's claiming he got re-elected in part because he wants to tax that 2%. he cannot go back on that. in the meantime, congress most of the republicans signed the grover norquist pledge which says you cannot tax that 2% more than anybody else. you can't increase the taxes. so we're at a stalemate and someone has to give and i don't see anyone giving right now. >> bank of america today commented on the let's jump crowd. the bungee jump crowd for which they think is a scenario. >> you wonder how much of that is in negotiating position. embraced early on by senator schumer, new york
governors are concerned about the impact of deficit reduction measures on their state budgebu. the latest gop offer would overhaul the tax code, raise $800 billion in new revenue but seek $600 billion in health savings, net savings add up to about $2.2 trillion over ten years. boehner called the white house's original offer la la land and it does appear that even though at one point bowles endorsed a blueprint like this, he's trying to distance himself from it right now. >> the president...
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we're the ones that are going to be handed down the $60 trillion deficit. they will come to a deal. but right now, it's political theater. and it's probably going to look like the simpson-bowles. that will come full-circle again. >> here's a problem the republicans have got themselves into. is obama has been very clever here, the president. i think what he's done is skillfully said to the public, if he goes over the fiscal cliff, the republicans are prepared to make the entire middle class to pay more tax to save 2% of the wealthiest americans paying a little bit more. and that's a very bad position for the republicans to find themselves in, isn't it? >> it certainly is. it's a very bad position for them to find themselves in. the fact of the matter, it isn't true. raising taxes on the wealthiest americans will not only solve the problems. it doesn't even address the core problems. the core problems, $16 trillion in national debt comes from government overspending. and we have sluggish growth. raising the taxes on anybody, whether it's the poor or the middle class or the wealthiest
we're the ones that are going to be handed down the $60 trillion deficit. they will come to a deal. but right now, it's political theater. and it's probably going to look like the simpson-bowles. that will come full-circle again. >> here's a problem the republicans have got themselves into. is obama has been very clever here, the president. i think what he's done is skillfully said to the public, if he goes over the fiscal cliff, the republicans are prepared to make the entire middle...
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Dec 7, 2012
12/12
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so you see on the one level at the abstract level, debt, deficit, fiscal cliff. there's an immediate transition been to the to do list, which is what they would like to see effort. finally, and interestingly with all of this battering that people have taken during this last few years of difficult economy, we gave voters, we will go through this question in detail, but we gave voters a choice. short term, solutions to fix the problem, our long-term visionary policies that will put us on the right track? interestingly enough at this point people are thinking longer-term. part of that restored optimism is different for different groups, but generally speaking people are looking for longer horizons. just quickly, the mood of the country, you see the track, the red truck, this long track. easy it is still 50% believe the country is on the wrong track but you see substantial improvement sends where we were in the middle, the late fall of 2011. so that's when it really bottomed out. 70% wrong track, that was around the time of the debt ceiling debate. only 33% of democr
so you see on the one level at the abstract level, debt, deficit, fiscal cliff. there's an immediate transition been to the to do list, which is what they would like to see effort. finally, and interestingly with all of this battering that people have taken during this last few years of difficult economy, we gave voters, we will go through this question in detail, but we gave voters a choice. short term, solutions to fix the problem, our long-term visionary policies that will put us on the...
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Dec 10, 2012
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tomorrow, the meeting begins and we'll get trade deficit figures. wednesday is import prices and that fed decision along with ben bernan bernanke's news conference. theirs, jobless claims and november sales on ppi. on friday, we'll get consumer prices and industrial production. check in now on european markets, the ftse mib now at session lows down .6%. ibex 35 in spain also an underperformer. it was down greater than 2%. it's just shy of that level now. portugal seeing weakness as investors show some concern about the periphery in light of political news this morning and u.s. investors are feeling a strong hit. after a strong session on friday, they're giving up some of those gains. dow is looking to shed about 34 points now, similar decline for the nasdaq and the sep. let's head over to michael gurka. good monday morning, i should say. we're not necessarily starting off with a great tone this week. what do you expect to be the key theme here? >> well, you know what? you can never dismiss the fed meeting, especially at this time of the year conside
tomorrow, the meeting begins and we'll get trade deficit figures. wednesday is import prices and that fed decision along with ben bernan bernanke's news conference. theirs, jobless claims and november sales on ppi. on friday, we'll get consumer prices and industrial production. check in now on european markets, the ftse mib now at session lows down .6%. ibex 35 in spain also an underperformer. it was down greater than 2%. it's just shy of that level now. portugal seeing weakness as investors...
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Dec 8, 2012
12/12
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maybe say that were not going to fund more say they should pay down the deficit. i know hollywood happens to be in california. this is not a kevin costner movie. if we build it, i don't know if they will come. that's not it with the taxpayers money. it's right at this hearingfrom the best way scrutinize. before we move forward on anything, the legislative peer review at the same questions of the business plan. we should even ask more because it wasn't their money. it's the taxpayers money and were responsible for investing. i yield back. >> i thank the gentleman. i'm pleased to recognize this hahn, generally from california. >> thank you. good morning, mr. chairman, members of the committee. thank you for allowing me to participate in this hearing today. i've only been in congress about a year and a half, but my whole life i've been deeply involved in transportation issues, particularly in my capacity in the los angeles city council for 10 years. so my dad who was in l.a. county supervisor for 40 years in l.a. county took my brother and i to the world fair to the
maybe say that were not going to fund more say they should pay down the deficit. i know hollywood happens to be in california. this is not a kevin costner movie. if we build it, i don't know if they will come. that's not it with the taxpayers money. it's right at this hearingfrom the best way scrutinize. before we move forward on anything, the legislative peer review at the same questions of the business plan. we should even ask more because it wasn't their money. it's the taxpayers money and...
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Dec 6, 2012
12/12
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marchese said tax increases are necessary to reduce the deficit. senator bob casey of pennsylvania chaired the hearing. >> the committee will come to order. we want to thank everyone for being here today. i did not have a chance to personally greet our witnesses, but i will have time to do that later. i want to thank both of our witnesses for being here. i will have an opening statement that i will make, and then i will turn it to dr. burgess. i know that vice chairman brady will be her as well. we know the challenges that we confront here in congress on a whole range of issues which are sometimes broadly described under the umbrella of the terminology, fiscal cliff -- when we confront those difficult challenges, we have to ask ourselves a couple of basic questions. one of the basic questions we must ask is, what will be the result and will be the impact as it relates to middle income families? what will happen to them in the midst of all these tough issues we have to work out? we know there is broad agreement that going over the so-called fiscal c
marchese said tax increases are necessary to reduce the deficit. senator bob casey of pennsylvania chaired the hearing. >> the committee will come to order. we want to thank everyone for being here today. i did not have a chance to personally greet our witnesses, but i will have time to do that later. i want to thank both of our witnesses for being here. i will have an opening statement that i will make, and then i will turn it to dr. burgess. i know that vice chairman brady will be her...
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Dec 4, 2012
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situation with respect to our deficit and debt is a national security liability. we need our senior leadership. we need a senior leadership to take it on. we have an opportunity to do so. we have a requirement to do so. at the foundation of national power is ultimately economic comment and in terms of global influence, in terms of the ability to support a military, the economic is foundation. and we have i think the united states, both an opportunity to require it to get our house in order, and i believe that our 100 senators and members of the house will step up on this and sufficient majority in the coming months. >> how do you look at your surplus of the u.s.? does that say we have america under our control? >> we are one of the closest allies of the united states. so of course our position today to united states is very, very decisive, strengthen our relationship. so these are not, there is no intention for us to try to use this kind of economic relationship in different context. so we are very satisfied with the current relationship with the united states. th
situation with respect to our deficit and debt is a national security liability. we need our senior leadership. we need a senior leadership to take it on. we have an opportunity to do so. we have a requirement to do so. at the foundation of national power is ultimately economic comment and in terms of global influence, in terms of the ability to support a military, the economic is foundation. and we have i think the united states, both an opportunity to require it to get our house in order, and...
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Dec 3, 2012
12/12
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it's about $2.2 trillion, they say, in savings to the deficit but on that fundamental as you say key sticking point, it doesn't change anything. they simply do not propose to raise any tax rates. let's just look at some specifics on this tax issue. the house gop counter proposal which came out this afternoon does put out 800 billi$800 billw tax renoouf. nothing on bush-era tax rates. those would continue. just look at that compared to the white house offer which last week which was $1.6 trillion in tax revenue. the majority of that from raising tax rates for the wealthiest americans and still absolute biggest divide between the two sides. no question about it. >> and so when you really look at where we are, democrats want tax rates to go up for wealthier americans. republicans long pushing for changes to entitlement programs and what else is in this republican proposal then? >> reporter: some of that, as well. look at that. $600 billion in what republicans call health savings. we don't have a lot of specifics on it but republican sources say that much of that will come from medicare
it's about $2.2 trillion, they say, in savings to the deficit but on that fundamental as you say key sticking point, it doesn't change anything. they simply do not propose to raise any tax rates. let's just look at some specifics on this tax issue. the house gop counter proposal which came out this afternoon does put out 800 billi$800 billw tax renoouf. nothing on bush-era tax rates. those would continue. just look at that compared to the white house offer which last week which was $1.6...
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Dec 10, 2012
12/12
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the taxpayers are still on the hook for baying back the deaf -- paying back the deficit-spending portion of that money even though it's now long, long gone. megyn: so we borrowed from china so that we could offer stimulus. we gave part of the stimulus to a123. a123 spent $100 million plus of the money, failed to succeed, and now that, those assets are going to china too. >> well, when you say it that way, megyn, you make it sound like it's not very much fun, i mean, my gosh. [laughter] megyn: china makes out well in this deal. i don't know about the american taxpayer though. >> they're doing pretty well in all of this. and the problem for the president today is his whole idea is i'm going to go to detroit and talk about how my economic strategy is working and that what we need to do is increase taxes on the top earners so that we can take that money and stimulate the economy. and as he says, invest in the middle class. and as he says, keep the tax rates down for those middle class folks and also engage in the kind of stimulative spending that says will allow daimler to make an investment
the taxpayers are still on the hook for baying back the deaf -- paying back the deficit-spending portion of that money even though it's now long, long gone. megyn: so we borrowed from china so that we could offer stimulus. we gave part of the stimulus to a123. a123 spent $100 million plus of the money, failed to succeed, and now that, those assets are going to china too. >> well, when you say it that way, megyn, you make it sound like it's not very much fun, i mean, my gosh. [laughter]...
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Dec 6, 2012
12/12
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. >> he's saying that republicans do not believe this is the right path to cutting our deficit, into promoting economic growth, boehner says. they do not want to raise tax rates. on wealthy americans or any american. i was outside a meeting that the republican leaders had with the rank and file members yesterday, speaking to member after member after they were leaving their meeting. there's often quite a break from the leadership and rank and file. they have given john boehner trouble in the past but at this point, they are giving him some lee way and they seem to be rallying around the speaker and his negotiations at this point. there's no budging on either side. >> they said there was a lot of support there. president obama said i'm sticking to my guns also. the president is warning the republicans next move will be to use the upcoming vote on the debt ceiling as leverage in the budget battle. let's listen. >> if congress in any way suggests that they're going to tie negotiations to debt ceiling votes and take us to the brink of default once again as part of a budget negotiation, w
. >> he's saying that republicans do not believe this is the right path to cutting our deficit, into promoting economic growth, boehner says. they do not want to raise tax rates. on wealthy americans or any american. i was outside a meeting that the republican leaders had with the rank and file members yesterday, speaking to member after member after they were leaving their meeting. there's often quite a break from the leadership and rank and file. they have given john boehner trouble in...